Common use of DEVELOPMENT FINANCING Clause in Contracts

DEVELOPMENT FINANCING. 19.1 Any of the Working Interest Owners shall have the right to obtain project financing for the development of a Commercial Discovery. THE PRESIDENT may, where possible, upon request of a Working Interest Owner, use his good offices to assist in all things necessary to facilitate project financing by a consortium of banks for any portion of the development Expenditure. 19.2 Any Working Interest Owner may, upon informing the other Working Interest Owners and with the prior approval of THE PRESIDENT create an equitable charge on its Working Interest to any reputable financial institution acceptable to THE PRESIDENT on any or all of its rights hereunder, to secure the prompt payment of sums of money, principal and interest, so borrowed and the full faithful discharge of any and all obligations which it may undertake to obtain financing from such financial institution for the purpose of this Agreement.

DEVELOPMENT FINANCING. 19.1 Any of the Working Interest Owners Owner(s) shall have the right to obtain project financing for the development of a Commercial Discovery. THE PRESIDENT may, where possible, upon request of a Working Interest Owner, use his good offices to assist in all things necessary to facilitate project financing by a consortium of banks for any portion of the development Expenditure. 19.2 Any Working Interest Owner may, upon informing the other Working Interest Owners Owner(s) and with the prior approval of THE PRESIDENT create an equitable charge on its Working Interest to any reputable financial institution acceptable to THE PRESIDENT on any or all of its rights hereunder, to secure the prompt payment of sums of money, principal and interest, so borrowed and the full faithful discharge of any and all obligations which it may undertake to obtain financing from such financial institution for the purpose of this Agreement.